India Steeply Increases Windfall Tax on Diesel, Jet Fuel Exports

India nearly doubled its windfall tax on exports of diesel and raised levies for aviation fuel by more than four times from Sept. 1, according to an official notification.

• Windfall tax on diesel exports increased to 13.5 rupees/liter from 7 rupees earlier
• NOTE: India has been adjusting its windfall taxes every 2 weeks or so since introducing the levy in June
• The levy on aviation fuel shipments revised to 9 rupees/liter from 2 rupees
• India also raised the tax on crude oil produced from domestic fields by 300 rupees to 13,300 rupees per ton
• NOTE: India Cuts Windfall Tax ...